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One year and -4,906 points later
A year ago, risk-taking sent the Dow to its highest peak ever. But even experts were blindsided by the dramatic decline
By CARRIE MASON-DRAFFEN
Newsday
Oct. 8, 2008, 11:53PM

A year ago today, the Dow Jones Industrial Average reached its highest level ever, 14,164.53 points.

But after a spate of financial earthquakes including the current credit crunch and the need for a $700 billion government rescue package, the Dow, not surprisingly, is headed in the opposite direction.

Monday it closed below 10,000 for the first time in four years, at 9,955.50, down nearly 370 points. Tuesday, it continued that slide, closing at 9,447.11, down more that 500 points, then dropped another 189.01 points on Wednesday to close at 9,258.10.

All told, the Dow has fallen more than 30 percent from last year's all-time high.

The Dow's dramatic drop and the economy's spectacular downturn were hard to call, some experts said, because, unlike the tech bust that was limited to extraordinary risk-taking in one sector, the downturn involves several areas: the mortgage industry, credit markets, banking and the stock market. And some financial planners believe this market more than ever demands that people rely on a balanced portfolio to weather the storm

At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)

I remember this because I remember how you started threads in GD, Economics, Politics and Breaking News thanking President Bush for the wonderful job he was doing with the economy and how grateful you were that your investments were doing so well.

I'm really glad Cold Warrior and Logan's Papa are having so much fun with the market tanking like it is. Reeeeeeeeeeeally glad. ;)

Not having much fun as I, like most people, am losing money (although perhaps not as much as oithers). Just reminding the folks who abused rational conversation by telling us all what experts they were regarding the market and how anyone who said there might be a problem here was (in addition to every vile name in the book) ignorant and stupid of their words. After all, the market is gonna have a big July, oh wait, a big August, oh wait, a big September, oh never mind. Those folks and those who facilitated their abuse to other posters need to be reminded.

I remember this because I remember how you started threads in GD, Economics, Politics and Breaking News thanking President Bush for the wonderful job he was doing with the economy and how grateful you were that your investments were doing so well.

But he wasn't doing well, JB. Anyone who knew anything about the market knew that the fundamentals were far from solid. That's why my losses are minimal as I've moved everything I could (without massive penalties) elsewhere. There's nothing to thank Bush for in regards to the economy.

But he wasn't doing well, JB. Anyone who knew anything about the market knew that the fundamentals were far from solid. That's why my losses are minimal as I've moved everything I could (without massive penalties) elsewhere. There's nothing to thank Bush for in regards to the economy.

Sooo, oh wise one...what should Bush have done; and as a follow up, what should our next president do to minimize this and turn it around?

I'm really glad Cold Warrior and Logan's Papa are having so much fun with the market tanking like it is. Reeeeeeeeeeeally glad. ;)

What youíre seeing is the Piper coming for payment.

Thatís why I left the market many moons ago.

The signs were there months ago - and everyone kept pumping their "youíre just doom & gloom". Those same people are having to take a large bite of a crap sandwich now, and I continue to collect rent checks, pay my real estate taxes and maintenance expenses.

Not my fault you screwed the pooch and believed those "youíre in it for the long run, aren't you?" assholes.

At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)

The signs were there months ago - and everyone kept pumping their "youíre just doom & gloom". Those same people are having to take a large bite of a crap sandwich now, and I continue to collect rent checks, pay my real estate taxes and maintenance expenses.

Not my fault you screwed the pooch and believed those "youíre in it for the long run, aren't you?" assholes.

Do you really think 5 years is the "long run"?

Sure, I fully expect to take the hit for at least 5 years. And if my financial advisor has any brains, I will take advantage of the downs and by the time I retire I will be better off.

At this point, I still have more in the market than I put in it. When the 5 years are up, if I'm lucky, I will break even.

Short of stuffing my mattress, there's not much else I can do to safeguard it. Although I have decided that shoes are the investment and I intend to leverage all I have this week to make it happen! :p